Officials from the Vietnamese and Senegalese industry and trade ministry sign a memorandum of understanding on rice trade last week, a key step for Việt Nam to expand exports to Africa. -Photo baotintuc.vn

HCM CITY – As major traditional export markets such as China, Europe and the US become volatile, Việt Nam is focusing on entering African, a market with strong demand for its goods.

With traditional markets encountering increasing challenges in the form of tariffs, technical barriers and weakening demand, expanding into Africa is seen as a strategic move.

Việt Nam has recently intensified high-level diplomatic engagements with African nations, including trips by National Assembly Chairman Trần Thanh Mẫn to Senegal and Morocco and Deputy Chairman Vũ Hồng Thanh to the Ivory Coast and South Africa.

During these visits, Deputy Minister of Industry and Trade Nguyễn Sinh Nhật Tân held meetings with officials in Senegal and Morocco to discuss agriculture, processing and trade in essential goods.

In 2024, Việt Nam’s exports to Africa were worth US$4 billion and imports $5.5 billion.

But several African countries barely figure in its trade – for instance, Senegal accounts for just 1 per cent – indicating there is enormous room for growth.

Africa has strong demand for agricultural products, food, essential supplies, agricultural machinery, and construction materials – areas in which Việt Nam has competitive advantages.

Phan Chí Hiếu, president of the Vietnam Academy of Social Sciences, said the formation of the African Continental Free Trade Area would open up trade opportunities for Việt Nam as the two sides have complementary goods.

Hoàng Đức Nhuận, Việt Nam’s commercial counsellor in Algeria, said North African countries want Vietnamese agricultural and seafood products while West African ones have high demand for rice, pepper, confectionery, and cereal-based goods.

During the visit to Senegal Việt Nam signed a memorandum of understanding to supply 100,000 tonnes of rice annually.

Nevertheless, the African market remains challenging.

Vietnamese businesses face difficulties such as long distances, high transport costs, limited market information and underdeveloped regulatory systems.

The Ministry of Industry and Trade has called for a targeted strategy to access the African market by enhancing promotions, brand building and diplomatic engagement.

Businesses are also encouraged to take part in trade fairs, develop distribution networks and seek long-term partnerships on the continent.

The Vietnamese Government is promoting trade and investment agreements and implementing key initiatives to strengthen cooperation to deepen bilateral ties with African countries. — VNS